The Latest

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  Fed official questions faster cross-border payments ties

  Federal Reserve Governor Christopher Waller suspects there could be more fraud and money-laundering if countries move too quickly to link their faster payments systems, he said at a conference.

  Banking

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  MoneyGram, Adyen add chief technology officers

  The payments companies are bolstering their tech leadership as big changes roil the industry and stoke competition.

  Banking

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  Shoppers’ online fraud fears escalate

  Four in five consumers are worried about identity theft or someone stealing their credit card numbers, according to a report this month from the credit monitoring agency Experian.

  Retail

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  CFPB chides retailers on fees for cash back

  The federal agency surveyed major retailers and was concerned to find three retailers impose $90 million in fees annually when consumers ask for cash back with a debit or prepaid card purchase.

  Retail

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  Shift4 acquires Canadian gift card company for $148M

  Shift4 keeps buying up payments companies as it seeks to build out a global business servicing many sides of the industry.

  Retail

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  Aeropay targets pay-by-bank evolution in US

  The Chicago fintech has moved from servicing small merchants to handling cannabis payments, and now it’s catering to gaming clients.

  Banking

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  Consumers tap credit cards, loans to manage inflation: Fed report

  Gen Z and millennials were the age groups most likely to use loans and credit cards to respond to higher prices, a Federal Reserve research report said.

  Banking

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  Fed’s Waller eggs on payments research

  Federal Reserve Governor Christopher Waller encouraged attendees at a summer research workshop to keep exploring payments systems, and innovations to overcome frictions in financial markets.

  Banking

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  Opinion

  Surcharging doesn’t have to be a bad word

  “The time has come to rethink surcharging not as a necessary evil but as a strategic advantage that can benefit both businesses and customers,” writes a Billtrust executive.

  Retail

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  U.S. Bank buys healthcare payments firm

  The bank’s acquisition of Tempe, Arizona-based Salucro Healthcare allows its Elavon unit to dig deeper into healthcare payments and billing services.

  Banking

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  Amex, Flutterwave partner in Nigeria

  The collaboration marks the latest move by American Express to expand its footprint in Africa, which is the world's second-largest continent by population.

  Retail

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  Q&A

  Marqeta isn’t a ‘single-trick pony,’ CEO says

  The embedded finance firm’s partnerships with Varo Bank, Affirm, Visa and Zoho and its new office launch in Warsaw, Poland, underscore the expansion of the payment platform's market presence.

  Banking

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  EWA providers crusade against CFPB rule proposal

  Earned wage access providers that backed state laws friendly to the industry are preparing for a fight over the Consumer Financial Protection Bureau’s plan to treat such payments like loans.

  Retail

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  Stripe, Zip partner on BNPL processing

  The buy now, pay later firm will partner with Stripe, adding another major payments player tie to a set of recent high-profile collaborations.

  Retail

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  BNPL providers won’t face penalties during transition to new CFPB rule

  CFPB Director Rohit Chopra said in a blog post that the agency will not fine companies making a good faith effort to follow regulations treating buy now, pay later loans like credit card transactions. His remarks follow significant industry pushback.

  Retail

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  Capital One, Citi plan to join FedNow in ‘near future’

  The two big banks say they’ll soon connect to the Federal Reserve’s new instant payment system, even as other major banks remain on the sidelines.

  Banking

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  Mastercard to cut 1,000 employees in restructuring

  The card network is shrinking its workforce as it restructures the company to focus more resources on some international markets.

  Retail

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  Adyen collects more US customers

  The Dutch payments service provider is gaining traction in the U.S. market as it adds to its client roster, including big U.S. retail names such as Crate & Barrel.

  Retail

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  Visa-Mastercard settlement claims deadline postponed

  Merchants seeking a piece of the $5.5 billion settlement now have until February 2025 to file claims, a federal judge overseeing the class action said.

  Retail

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  FedNow to add more fraud tools, Fed official says

  The Federal Reserve is still seeking to allay financial institutions' concerns that faster payments allowed by the new instant payments system could lead to faster fraud.

  Banking

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  Q&A

  Credit card users struggle with inflation

  JD Power’s annual credit card survey found that more than half of U.S. credit card users don’t pay their balances in full every month, and less than half are considered financially healthy.

  Retail

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  UK fintech Revolut valued at $45B

  The British fintech has completed a secondary share sale with new and existing investors to provide liquidity to employees.

  Banking

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  Klarna jumps into banking business

  The Swedish buy now, pay later company will let consumers use savings accounts to make payments, receive refunds and earn cash rewards from some retailers.

  Retail

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  JPMorgan, Zelle may have upper hand if litigation ensues

  If the banks that own Zelle’s parent battle the Consumer Financial Protection Bureau in court, they may find some federal judges open to their arguments, lawyers specializing in the area said.

  Regulations & Policy

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  Fintechs ramp up lobbying over earned wage access, crypto

  Chime, PayPal and Block, for example, spent more on lobbying in the first half of 2024 than for the same span last year, OpenSecrets reported.

  Banking

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